Grace Ashiru
Breega, one of Europe’s leading early-stage funds, has launched its inaugural African fund, “Breega Africa Seed I,” aiming to establish itself as the top early-stage investor in African entrepreneurs.
With headquarters in Paris, London, and Barcelona, Breega has been investing in businesses from over 100 countries since the inception of its first fund in 2015. The firm currently manages assets totaling $700 million.
With the introduction of its new pan-African fund, “Breega Africa Seed I,” Breega has expanded its operations to include new offices in Lagos, Nigeria, and Cape Town, South Africa. The $75 million fund will be directed towards ventures in South Africa, Egypt, Nigeria, and Kenya, as well as several French-speaking African countries such as Senegal, Ivory Coast, Cameroon, and the Democratic Republic of the Congo (DRC).
The in-house scaling team at Breega has successfully assisted several notable start-ups across the continent, including Numida, Socium, Klasha, Kwara, Coachbit, and Sava, in getting off the ground.
The new fund is led by Melvyn Lubega, renowned for creating the digital education unicorn Go1, and Tosin Faniro-Dada, the former CEO of Endeavour in Nigeria. Lubega, who is based in Cape Town, will oversee Breega’s operations across Southern and Eastern Africa.
Despite Africa housing 18% of the world’s population, the continent receives a mere 1% of global funding. Africa stands on the brink of a technological revolution, yet a significant financing gap remains. Lubega asserts that Breega, a global fund created by founders for founders, is well-positioned to help bridge this divide.
Faniro-Dada, who manages operations across the Western and Northern African regions, brings invaluable expertise from her tenure as a director at the African fintech unicorn Flutterwave.
A surge of innovation and ambition is sweeping across the African continent, evident in its thriving entrepreneurial landscape. The drive to address the continent’s challenges fuels our entrepreneurs’ aspirations. “I am absolutely delighted to support them through the innovative concept we have established at Breega. It is truly inspiring,” she remarked.
Breega plans to make initial investments ranging from $100,000 to $2,000,000 with this fund. To achieve the United Nations’ Sustainable Development Goals (SDGs), Breega will focus on critical sectors such as agri-tech, ed-tech, e-health, fintech, insurtech, prop-tech, and logistics, emphasizing high-impact and sustainable solutions.
